A major deal between two well-known wearable companies may be in the works.
Fitbit is reportedly close to buying Pebble. The deal is currently in the closing stages, says Financial Times, with Fitbit paying a “low price” for Pebble. Sources speaking to The Information echo this report.
It’s unclear when the deal might be completed, but when it is, it’s expected that many Pebble employees will make the jump to Fitbit. However, production of future Pebble smartwatches “is in doubt.”
Pebble made a name for itself in 2012 when the Kickstarter for its first smartwatch earned $10.2 million. Since then, we’ve seen Pebble smartwatches hit major retailers and Pebble has released several new devices, but the company never seemed to gain a ton of traction with the general public. Plus, Pebble has been facing stiff competition from the likes of the Apple Watch and Google’s Android Wear platform, both of which come from much larger companies.
Stay tuned for more on this news as we get it.